Japanese builders owed money by Dubai companies
Firms in Dubai owe billions of dollars to…
November 7, 2009 10:43 by kippreport
Firms in Dubai owe billions of dollars to Japanese contractors, Seiichi Otsuka, Japan’s Consul General in Dubai told The National. “Some Japanese construction companies are facing very serious debt problems as Dubai can’t pay,” he said. “Some companies engaged with the construction of the RTA Metro are facing some payment issues.”
Mitsubishi Heavy Industries (MHI), one of the companies working on the Metro, said that it is facing non-payment on its contracts. “MHI executed the construction of the Dubai Metro and some other contracts and we are still awaiting payment,” Koji Okamoto, general manager, of MHI’s Middle East office told the paper.